HDFC Bank retained top spot for the seventh consecutive year in WPP and Kantar's BrandZ report which ranks the most valuable brands. HDFC Bank saw a 10% dip in its overall brand value though to reach $20,262 million. The bank was also ranked no. 59 in the 2020 most valuable global brands report.
Other brands in the top three also saw a dip, but no change in their ranking. LIC is second on the list with a 9% fall in its brand value ($18,294 million) and Tata Consultancy Services is third after a close to 20% dip in brand value ($14,582 million.)
The report stated that Covid-19's impact has seen a drop of 6% in the total value of brands in the ranking. Retail and telecom brands have grown and outperformed other categories, with Reliance Retail the fastest riser with brand value growth of 102%. Reliance Retail is ranked 25th on the list.
Within telecom, Airtel is ranked highest on the list. The brand which is at number four saw a 35% increase in brand value to reach $13,942 million.
Asian Paints entered the top five brands list at the expense of SBI. The latter dropped down five places to rank 10.
This year’s ranking was worth $216 billion in brand value, a decline of 6% over last year, driven largely by a slowdown in the brand value of companies in the banking and automotive sectors. India’s top brands also performed well against other countries where declines in total brand value were much greater according to a statement from Kantar.
Online retail brands, Flipkart (ranked 8th, +40% brand value to $6509 million) and D-Mart (ranked 16, +38% brand value to$ 3,265 million) also saw their brand value increase significantly.
David Roth, CEO, The Store WPP, EMEA and Asia and chairman of BrandZ, said, “Brands globally are being tested by the pandemic, especially in countries such as India where the economy was slowing down prior to COVID-19. Many Indian brands have risen to the challenge and demonstrated their ability to innovate and adapt in ways that are world class. Our analysis proves convulsively once again that companies who invest in brand building are better placed to survive such challenges and come out stronger.”
Preeti Reddy, CEO - South Asia, Insights Division, Kantar, said, “The performance of retail, telecom and FMCG brands has shown that being agile in times of crisis is critical for growth. Brands need to constantly innovate in order to survive and re-purpose themselves for the future, or risk being left behind. Those brands who continue to drive transformation, not just digitally, but in the total experience they deliver to meet consumer needs, will create opportunities to increase their value in the future.”